Ethereum price failed to stay above $2,950 and declined again. ETH is now consolidating and might soon aim to attempt another recovery wave if it clears $2,850.
Ethereum started a fresh decline below the $2,920 zone.
The price is trading below $2,920 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with resistance at $2,922 on the hourly chart of ETH/USD.
The pair could continue to move down if it settles below the $2,800 zone.
👉Ethereum Price Faces Renewed Selling Pressure:
Ethereum price attempted a fresh increase but struggled above $2,950, like Bitcoin. ETH price dipped below $2,920 and $2,900 to enter a bullish zone.
The bears even pushed the price below $2,820. A low was formed at $2,775 and the price is now consolidating losses well near the 23.6% Fib retracement level of the downward move from the $2,993 swing high to the $2,775 low.
ETH previous data 👇
"Ethereum (ETH) failed to sustain levels above $3,000 and has entered a consolidation phase below $2,900. The cryptocurrency is currently trading under the 100-hourly Simple Moving Average, with a bullish trend line near $2,930 acting as resistance. If ETH manages to break above $2,880, it Could attempt a recovery toward $2,980 and potentially $3,030 in the near term. However, failure to overcome resistance may trigger further declines, with support levels at $2,800, $2,780, and $2,740, and a deeper target near $2,625-$2,550. Overall, Ethereum's near-term direction wil depend on whether it can reclaim key resistance zones or continue its downward trend."
Besides, there is a connecting bearish trend line forming with resistance at $2,925 on the hourly chart of ETH/USD.
If there is another upward move, the price could face resistance near the $2,850 level. The next key resistance is near the $2,880 level and 50% Fib retracement level of the downward move from the $2,993 swing high to the $2,775 low. The first major resistance is near the $2,925 level and the trend line.
A clear move above the $2,925 resistance might send the price toward the $3,000 resistance. An upside break above the $3,000 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,080 resistance zone or even $3,120 in the near term.
👉Downside Continuation In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a fresh decline. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,775 zone.
A clear move below the $2,775 support might push the price toward the $2,720 support. Any more losses might send the price toward the $2,640 region. The next key support sits at $2,620.
👉Technical Indicators:
=>Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
=>Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
=>Major Support Level – $2,800
=>Major Resistance Level – $2,880
